Overview

• Projected proceeds would top the ₹30,000 crore budget target for FY26 and improve on ₹24,399 crore achieved in FY25.
• ICRA’s estimate relies on a 0.62x median valuation multiple observed across 10 awarded TOT bundles, with a historical range of 0.46x–0.93x.
• NHAI’s pipeline includes five TOT bundles with bids already initiated plus planned transfers of road stretches to its InvIT.
• FY25 fell short of earlier expectations after deferments of TOT bundles 15, 17, 18 and 19, highlighting execution risk.
• Successful FY26 monetisation could lift cumulative proceeds toward ₹1.3 lakh crore, with 7,000 km announced since FY23 and roughly 3,750 km still awaiting monetisation.